Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,847/mo
Lowest payment- Down payment
- $176,260
- Funds due
- $188,894
- Interest + MI left
- $445,912
- First ends
- Mar 2055
Assumption
Assumption + second
$3,772/mo
+$925/mo- Down payment
- $50,260
- Funds due
- $64,172
- Interest + MI left
- $652,748
- First ends
- Mar 2055
New loan
New conventional
$3,717/mo
+$870/mo- Down payment
- $50,260
- Funds due
- $60,621
- Interest + MI left
- $674,238
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $318,640 | $318,640 | $444,640 |
| Second mortgage | — | $126,000 | — |
| First P&I | $2,148.90 | $2,148.90 | $3,078.60 |
| Second P&I | — | $924.54 | — |
| Mortgage insurance | $148.64 | $148.64 | $88.93 |
| Taxes, insurance & HOA | $549.67 | $549.67 | $549.67 |
| Total housing payment | $2,847.20 | $3,771.75 | $3,717.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,260
Closing costs & prepaids$13,911
Usable credit−$0
Total buyer cash needed$64,172
Earnest money paid−$0
Remaining funds due$64,172
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,949.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,149.00
Prepaid interest, first (1 days)$60.76
Prepaid interest, second (1 days)$27.62
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing28 yr 4 moOf the original 30-year loan at 6.960%
Interest already paid$37,313Through Nov 2026
Assumption only · ends Mar 2055$445,912
Assumption + second · ends Mar 2055, second Dec 2056$652,748
New conventional · ends Dec 2056$674,238